Knowing Your Market
◦What is the scope (geographical range) of the market? Is it local, regional, national, international, or global?
◦Is it a niche industry, or does it reach a mass market?
◦How profitable are the players in the industry?
◦What trends are occurring in the industry?
◦What competition is in the marketplace, and what are they doing?
•Produce a detailed analysis of your markets, and articulate your conventional marketing goals and objectives.
•You should use Internet research, statistical abstracts, buying power indexes, public agencies, industry associations, and competitor Web sites to deepen the analysis of your markets and your competition.
•Include visual aids where they are appropriate.